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Ord 517 5/19/1924 ORD114ANCE NO, IS OR1,1NANCE '�.UTHORIZITIG THE ISSU'NCE OF BONDS OF 'CHU, CITY OF ',1ICHITi, TEXIISS IN THE LMOUNT OF TWO HUNDRED THOUSAND DOLLARS Y, 711 U R I N G S E R 1.k-, I Yv B P,,,,-R IN(j T I J T E R'-, T AT T 1' RATS: am AND ONLE HALF FERCUITUM(15 112%) PER ANNUMs 1W,11,E nyi* -,.Nj,1U.1;,LLY ON MAY 1 AND NOVEMBER I OF Bj,.CH YEI�Rp FOR THE URPOSE OF REFUNI DING hAlKT," A. -MiNT 0 DSqMW,,ID CITY' ED i*TT-CE 11URPOSE OF CONSTRUCTING IMPROVEMENTS AND EXTENSIONS TO THE PRESENT SYSTEM OF WATERWORKS IN AND FOR S.--.ID CITY.. ':HIGH 10N WERF DS ISSU-P U ED ND12;R DlffE OF 14OVEMBER 1p 1920O 1.:ATURING THIRTY YEiM, T! EIR D.ATEJ, -tVITH OPTION OF RT 'V,.",'FTION j,','T fiJ,Y ITNTFR�:ST 11-`.YING PERIOD KFTER FIVE FR THIFIR DliTE i.N1) BE RING 11TTERiST A'-P THIS' RA'PE OF SIX P' IRCWTUM 4 6%) Fl,;R IIINUM: AND LEVYING &, '-Pr,X JN Ej"CH ONE 1 TUWDP D DOLLIRS VAUj,'-,TI0N OF Tla-,lBLE PROPER'TY IN SAID CITY SUfFT,ICIENT TO T,*!y INTERF T ON S,.-ID Ri-]FUNDINIG EOWDS .0rD TO CR 'ATE A SINKING FUND SUFFICIENT TO REDEEM THEM AT W.TURITY." !,'VHEREASjo HERr�OFOREp on the 22nd day of October* 1920$ this Board of Aldermen did$ by ordinance number 326 authorize the issuance of bonds in the sum of Two Hundred Thousand Dollars* for the purpose of constructing improvements and extensions to the present system of wa�;erworks in and for said city* and TME'TAYUPP staid bonds ww re duly and legally sold brd delivered and are now valid oxitstanding obligations of the CTTY Or `,TCETV7 FAIIJiZr,# and V,7*.T I it is possible to refsanfl the said bords at a lower rt.,te of Interest by the is�uanae r:nd exahan-v, therefor or reitvAing bends mv.turing serially and bearing irtorest at the rate of Five and that half !-'ercent= (S 112`ill) per annum* TM,M'IF';'/*7Es R'r, IT OPPAINIII, PT TT'T' BIC't?N' C-P AMERTY OF TTIT' CITY Of ',-,ICITIT!, FAL�K'I TI3":IP,,II":- SECTIM T at bonds of the ovid oityp to be elenwninafeds CrTY OF 'ITITTP, 24 - r� OF 19 be issued for the purooso of refunding bonds heretofore issued for the uurpose ofoonstructing improvements and extensions to the present system of waterworks in and for said citys which stIC bonds are &0.,od November Ily IV20 tnd i.,tture NwferUr Ij* 19.50s with option of redlemption at airy iAorcvt paryin- perloe., af,'tar fl.vc yeirs Pror. dote and benrini; int.creat at the rate of six -porcentum (ev) per anrum, whlch said bonds were authorized to i&6ued by ordinanoo nwpDer 326 adopted October 22j# 11,a20. S SiCTION S,-`,IT? WrDS shall be nuriilered front one (1) toTwo Hundred (200 inolusives almll be dented may 1) 1-24j, shall be in the denorrainatior of One Thoi,sard Dollars (,`31y000) each and shall i:.-&ture serially v4ithout o1A.ion oIL prior as rollowat- UNIT_r,;D STATE OF TEXAS CITY CW WICHITA 21`bLL63 BOND. S1 R I E S C • NO. �1,000.00. The City of IvIchita Fans, a municipal corporation duly incorporated under and by virtue of the laws of the State of Texas, fbr value received, is indebted to and hereby promises to pay to bearer on the first day of November., 19 , the sum of ONE THOUSAND DDIZiRS in lawful money of the United States ofilimerica, with interest thereon fro-i the date hereof, at the rate of Five and One Half Percentum ( 5 1/2% ) per annum, payable semi-annually on the first days of 4Ly and November of each year. BOTH PTRINCIP-tLL I)ND INILREST of this bond are hereby made payable at the Hanover National Bank in Now York City, and for the prompt payment of the principal and interest of this bondas the same shall mature, the full faith, credit and resources of the city of „,ic1lita Falls are hereby irrevocably pledged. VIS BJ'ND is one of a series of bonds of like tenor and effect, except as to maturity, and is issued for the purpose of refundiniL a like amount of valid outstandin.,, bonds of the city of 'Nichita Falls, Texas, which were issued for the purpose of constructin;-, c, improvements and extensions to the present system of luaj,-erviorks in and for said cityi, 5 in accordance with ordinance number 326 of the City of Wichita Falls, adopted October 22, 1920 and by virtue of an election duly called and held in said City on the 12th day of October, 1920. 111118 BOND is Issued under and pursuant to the Constitution and Laws of the State of Texas, including 9-nong others Ch-Apter17 of Title 22 of the Revised Civil Statutes and the City Charter of the City of Wichita Falls; L and pursuant to an ordinance duly and b gally adopted by the Board of Aldermen of said city. IT IS PUI THM, COVENANTED AND AMEED MITT M HOLDER OF TIS BOND that if this bond should be declared invalid for any reason the holder hereof shall be subrogated to all the rights of the holder of the originRl bond -vOriich this bond was issued to refund. IT IS H!2�"BY PEPIMSENTEED AND DECLARs,D hat provision has been made as required by the Constitution and Laws of the State of Texas for the levy and collection of an annual tax sufficient to pay the interest on said bonds as the same shall become due and to pay the principal thereof at maturity; that the bond which this bond was issued to refund was duly wthorized by a majority of the qualified property tax paying voters of said city and is a valid subsisting and outstanding oblig-stion of said city. 6 027.50 On the first day of May or November 19 the City of Aichita Fall-, , Texas, promises to pay to bearer at the Hanover National Bnk, New York City, TWINTY SEVEN DOLL;aS AND raFTY CENTS being six months interest due that day on the City of V'ichita Falls, Texas, Refunding Bond of 1924, Series Ca dated May 1, 1924 and numbered COUNT-.,;RS IGNE D: Mayor City Clerk SwCTI,-'N EVE-N. On the back of eacil of said bonds shall be printed the following certificate:- OFFICE, OF DIE, WIPTROLLIR 0? PUBLIC ACC(jTJN'2�1� OF U11, STAT 0? TEXAS. I hereby certify that thore is on file of record in my office a certificate of the Attorney General that this bond has been examined by him as required by Article 619 of the Revised Civil Statutes and that it has been issued in conformity with the 'constitution and Laws of the State of Texas and that, it is a valid and binding oblig'a4:1or of the City of 1,7ichita Falls and said bond has this &y been registered by me. 8 WY'VY:SS MLY M�,ND 2,11D SEY.L at Lustini, Texas$ this day of 1924. C,51!i,ptroll—erof Public .-':ceountra of the State of Texas. IT MTRT117) 01-Rt'-ITM) TT TEF BW�`D OF f 1r%1L1',1''M,,,'z;1.,T[ OF '"I'ME," CITY OF Tv.ICPIT;l Fj LLS* that to pay the interest an said bonds as the same sh.,11 mature and to crcute a sinking,. fund sufficient to discharge the Principal thereof at naturityp there shall be annually levied and there is hereby levied for the 1924 a tax of .05*12 on the One hundred Dollar valuation of taxable property in said city; that for the year 1925 and each succeeding while any of, -aid bnds are cutstanding and u!)Paids there be computed and a ;certai,--,ed what rate of tax* based on '-he last approved tax rolls of said cityp will be required to fully makep raise and produce in each of said years a sum of money necessary to pay all interest; accruing and. cominF- due in said ye4.-Ir aiad to provide a sinkinrr fund s',ifficient -to meet the,' ,-.s they maturev and -, -111-ax at such Y-ate as shal-I be found -lecessary ( said tax 4n '.,!'Y Yca-o h0w�vcry not to be les,,, than the tax of t5.12 as afores-,id) shall be 1:-viedp asso see, and coll.ec+ed in e-Uch of said years and. at the tirne other city taxes are levied* assessed and collected amli the proceeds from said tax shlall be applied to the purpose named. SECTIOF WIFE* IT IS Inf"T" '-) BY STTPULPINED Frith the holders of the E original bonds hereintefore authorized and each of therms that if said refunding bonds or any of them should be held invalid for any reason the holder or bciders +Jareof shall be aubrog&ted to v,11 the rir�,,ts or the holders of the ori.e.inal bonds refunded by this is!-,Ile of bonds. SECTION TM K'XT there is an urgent public need for the refunding of the outstanding bonds of said city and 8, reduction in the rate n? taxes -*Lr,, sn-,A oit,r for the nresem-,Aior, of t',-.e health and i7elfare of the co-wainity creates ar, emer"ency and e, pnbll,c necessity tlmt. the rulo req,,;1r!.rg ordinances to be read on three son-crate dates be nusperded an(' saiO rule is hereby suspended end this ordinance shall take effOct and, be in force i ,�ai-,ed, iron, and after its rassv- 'e tnd it i no or T 10